Patterns: GBP/AUD, GBP/CAD

Dukascopy Bank Team Dukascopy Bank SA

GBP/AUD 4H Chart: Tests 2019 low

The British Pound has declined by 2.94% against the Australian Dollar since the middle of June. The currency pair tested 2019 low level at 1.7900 during the Asian session on Tuesday.

Technical indicators suggest selling signals on both the smaller and the larger time-frame charts. Most likely, bearish traders would continue to pressure the exchange rate lower within this week's trading sessions.

However, if the support level at 1.7885 holds, a breakout through the upper boundary of a descending channel pattern would occur during the following trading sessions.

GBP/CAD 4H: Selling signals

The Pound Sterling has declined by 2.17% against the Canadian Dollar on June 16. The exchange rate tested last week's support level at 1.6780 during the morning hours of Tuesday.

Most likely, the Canadian Dollar will continue to gain strength against the British Pound within this week's trading sessions. The potential target for the GBP/CAD currency pair will be at the 1.6683.

However, the weekly support level at 1.6780 could provide support for the currency exchange rate during the following trading sessions.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.